|
FEBRUARY 28, 2023 |
2023 Semi-Annual Report (Unaudited) |
iShares Trust
· |
iShares MSCI Brazil Small-Cap ETF | EWZS | NASDAQ |
· |
iShares MSCI China ETF | MCHI | NASDAQ |
· |
iShares MSCI China Small-Cap ETF | ECNS | NYSE Arca |
· |
iShares MSCI Indonesia ETF | EIDO | NYSE Arca |
· |
iShares MSCI Peru ETF | EPU | NYSE Arca |
· |
iShares MSCI Philippines ETF | EPHE | NYSE Arca |
· |
iShares MSCI Poland ETF | EPOL | NYSE Arca |
· |
iShares MSCI Qatar ETF | QAT | NASDAQ |
· |
iShares MSCI Saudi Arabia ETF | KSA | NYSE Arca |
· |
iShares MSCI UAE ETF | UAE | NASDAQ |
Dear Shareholder,
Significant economic headwinds emerged during the 12-month reporting period ended February 28, 2023, as investors navigated changing economic conditions and volatile markets. The U.S. economy shrank in the first half of 2022 before returning to modest growth in the second half of the year, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high before beginning to moderate. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.
Equity prices fell as interest rates rose, particularly during the first half of the reporting period. Both large-and small-capitalization U.S. stocks fell, although equities began to recover in the second half of the period as inflation eased and economic growth resumed. Emerging market stocks and international equities from developed markets declined overall, pressured by rising interest rates and a strong U.S. dollar.
The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to fluctuating inflation data and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and higher interest rates led to rising borrowing costs for corporate issuers.
The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates eight times. Furthermore, the Fed wound down its bond-buying programs and accelerated the reduction of its balance sheet.
Restricted labor supply kept inflation elevated even as other inflation drivers, such as goods prices and energy costs, moderated. While economic growth slowed in the last year, we believe that taming inflation requires a more substantial decline that lowers demand to a level more in line with the economy’s productive capacity. Although the Fed has decelerated the pace of interest rate hikes, it still seems determined to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, but the dimming economic outlook has not yet been fully reflected in current market prices. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions. Turmoil in the banking sector shortly following the end of the period highlighted the potential for the knock-on effects of substantially higher interest rates to disrupt markets with little warning.
While we favor an overweight to equities in the long term, several factors lead us to take an underweight stance on equities overall in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with the possibility of a recession in a business environment characterized by higher costs and reduced pricing power. Nevertheless, we are overweight on emerging market stocks as a weaker U.S. dollar provides a supportive backdrop. We also see long-term opportunities in credit, where valuations are appealing and higher yields provide attractive income, although we are neutral on credit in the near term, as we believe that troubles in the banking sector will likely lead to reduced lending. However, we believe there are still some strong opportunities for a six- to twelve-month horizon, particularly short-term U.S. Treasuries, global inflation-linked bonds, and emerging market bonds denominated in local currency.
Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.
Rob Kapito
President, BlackRock, Inc.
Rob Kapito
President, BlackRock, Inc.
Total Returns as of February 28, 2023
|
||||||||
6-Month | 12-Month | |||||||
U.S.
large cap equities |
1.26 | % | (7.69 | )% | ||||
U.S.
small cap equities |
3.63 | (6.02 | ) | |||||
International
equities |
12.58 | (3.14 | ) | |||||
Emerging
market equities |
(2.29 | ) | (15.28 | ) | ||||
3-month Treasury bills |
1.74 | 2.11 | ||||||
U.S.
Treasury securities |
(4.81 | ) | (14.06 | ) | ||||
U.S.
investment grade bonds |
(2.13 | ) | (9.72 | ) | ||||
Tax-exempt municipal
bonds |
0.66 | (5.10 | ) | |||||
U.S.
high yield bonds |
2.52 | (5.45 | ) | |||||
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.
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T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T |
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Semi-Annual Report: |
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Financial Statements |
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73 | ||||
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85 | ||||
86 |
Fund Summary as of February 28, 2023 | iShares® MSCI Brazil Small-Cap ETF |
Investment Objective
The iShares MSCI Brazil Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Brazilian equities, as represented by the MSCI Brazil Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
(13.30 | )% | (17.71 | )% | (5.10 | )% | (5.83 | )% | (17.71 | )% | (23.02 | )% | (45.14 | )% | ||||||||||||||||||
Fund Market |
(13.15 | ) | (19.02 | ) | (5.24 | ) | (5.90 | ) | (19.02 | ) | (23.58 | ) | (45.56 | ) | ||||||||||||||||||
Index |
(13.18 | ) | (17.40 | ) | (4.32 | ) | (5.27 | ) | (17.40 | ) | (19.83 | ) | (41.80 | ) |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
$ 1,000.00 | $ 867.00 | $ 2.73 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
|
Percent of Total Investments |
(a) | |
Industrials |
18.7 | % | ||
Consumer Discretionary |
17.9 | |||
Utilities |
13.1 | |||
Consumer Staples |
12.7 | |||
Materials |
11.8 | |||
Real Estate |
8.7 | |||
Health Care |
5.5 | |||
Energy |
4.7 | |||
Information Technology |
4.3 | |||
Financials |
2.6 |
(a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
Security |
|
Percent of Total Investments |
(a) | |
Embraer SA |
4.6 | % | ||
Metalurgica Gerdau SA (Preferred) |
3.3 | |||
Transmissora Alianca de Energia Eletrica SA |
2.9 | |||
Aliansce Sonae Shopping Centers SA |
2.8 | |||
Multiplan Empreendimentos Imobiliarios SA |
2.8 | |||
Bradespar SA (Preferred) |
2.8 | |||
3R Petroleum Oleo E Gas SA |
2.6 | |||
Cielo SA |
2.3 | |||
SLC Agricola SA |
2.3 | |||
EDP - Energias do Brasil SA |
2.0 |
4 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | iShares® MSCI China ETF |
Investment Objective
The iShares MSCI China ETF (the “Fund”) seeks to track the investment results of an index composed of Chinese equities that are available to international investors, as represented by the MSCI China Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
(2.44 | )% | (16.57 | )% | (5.96 | )% | 1.92 | % | (16.57 | )% | (26.47 | )% | 20.95 | % | ||||||||||||||||||
Fund Market |
(2.26 | ) | (16.65 | ) | (5.77 | ) | 1.93 | (16.65 | ) | (25.72 | ) | 21.10 | ||||||||||||||||||||
Index |
(2.83 | ) | (16.14 | ) | (5.49 | ) | 2.44 | (16.14 | ) | (24.58 | ) | 27.28 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
$ 1,000.00 | $ 975.60 | $ 2.89 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
|
Percent of Total Investments |
(a) | |
Consumer Discretionary |
29.3 | % | ||
Communication Services |
19.0 | |||
Financials |
15.7 | |||
Health Care |
6.3 | |||
Information Technology |
6.1 | |||
Consumer Staples |
5.7 | |||
Industrials |
5.5 | |||
Materials |
3.7 | |||
Real Estate |
3.5 | |||
Energy |
2.6 | |||
Utilities |
2.6 |
(a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
Security |
|
Percent of Total Investments |
(a) | |
Tencent Holdings Ltd. |
13.3 | % | ||
Alibaba Group Holding Ltd. |
7.9 | |||
Meituan, Class B |
4.3 | |||
China Construction Bank Corp., Class H |
2.9 | |||
JD.com Inc., Class A |
2.3 | |||
Pinduoduo Inc. |
2.2 | |||
Ping An Insurance Group Co. of China Ltd., Class H |
2.1 | |||
Baidu Inc. |
1.9 | |||
NetEase Inc. |
1.5 | |||
Bank of China Ltd., Class H |
1.4 |
F U N D S U M M A R Y |
5 |
Fund Summary as of February 28, 2023 | iShares® MSCI China Small-Cap ETF |
Investment Objective
The iShares MSCI China Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization Chinese equities that are available to international investors, as represented by the MSCI China Small Cap Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
5.67 | % | (14.05 | )% | (3.21 | )% | 1.80 | % | (14.05 | )% | (15.04 | )% | 19.49 | % | ||||||||||||||||||
Fund Market |
6.20 | (14.57 | ) | (3.10 | ) | 1.78 | (14.57 | ) | (14.58 | ) | 19.27 | |||||||||||||||||||||
Index |
4.93 | (14.46 | ) | (5.18 | ) | 0.24 | (14.46 | ) | (23.36 | ) | 2.44 |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
$ 1,000.00 | $ 1,056.70 | $ 3.01 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
|
Percent
of Total Investments |
(a) | |
Health Care |
20.0 | % | ||
Consumer Discretionary |
15.1 | |||
Real Estate |
13.5 | |||
Information Technology |
10.8 | |||
Industrials |
9.8 | |||
Materials |
7.8 | |||
Communication Services |
7.3 | |||
Financials |
6.6 | |||
Utilities |
3.9 | |||
Consumer Staples |
3.8 | |||
Energy |
1.4 |
(a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
Security |
|
Percent
of Total Investments |
(a) | |
JinkoSolar Holding Co. Ltd. |
2.3 | % | ||
International Alliance Financial Leasing Co. Ltd. |
1.9 | |||
HUTCHMED China Ltd. |
1.6 | |||
Lifetech Scientific Corp. |
1.4 | |||
Hello Group Inc. |
1.4 | |||
Jinxin Fertility Group Ltd. |
1.3 | |||
Keymed Biosciences Inc. |
1.3 | |||
Weimob Inc. |
1.2 | |||
China Education Group Holdings Ltd. |
1.1 | |||
RLX Technology Inc. |
1.0 |
6 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | iShares® MSCI Indonesia ETF |
Investment Objective
The iShares MSCI Indonesia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Indonesian equities, as represented by the MSCI Indonesia IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
(3.34 | )% | (2.91 | )% | (2.72 | )% | (2.31 | )% | (2.91 | )% | (12.87 | )% | (20.84 | )% | ||||||||||||||||||
Fund Market |
(2.60 | ) | (3.54 | ) | (2.56 | ) | (2.31 | ) | (3.54 | ) | (12.15 | ) | (20.86 | ) | ||||||||||||||||||
Index |
(3.36 | ) | (1.97 | ) | (2.17 | ) | (1.80 | ) | (1.97 | ) | (10.41 | ) | (16.61 | ) |
Index performance through May 28, 2019 reflects the performance of MSCI Indonesia Investable Market Index. Index performance beginning on May 29, 2019 reflects the performance of the MSCI Indonesia IMI 25/50 Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During |
|
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
$ 1,000.00 | $ 966.60 | $ 2.88 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
|
Percent
of Total Investments |
(a) | |
Financials |
45.3 | % | ||
Consumer Staples |
11.3 | |||
Materials |
11.0 | |||
Communication Services |
9.2 | |||
Energy |
7.7 | |||
Consumer Discretionary |
6.7 | |||
Health Care |
3.3 | |||
Real Estate |
2.3 | |||
Industrials |
1.9 | |||
Utilities |
1.1 | |||
Information Technology |
0.2 |
(a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
Security |
|
Percent
of Total Investments |
(a) | |
Bank Central Asia Tbk PT |
19.8 | % | ||
Bank Rakyat Indonesia Persero Tbk PT |
12.5 | |||
Telkom Indonesia Persero Tbk PT |
6.8 | |||
Bank Mandiri Persero Tbk PT |
6.1 | |||
Astra International Tbk PT |
4.1 | |||
Bank Negara Indonesia Persero Tbk PT |
3.4 | |||
Kalbe Farma Tbk PT |
2.5 | |||
Merdeka Copper Gold Tbk PT |
2.4 | |||
Adaro Energy Indonesia Tbk PT |
2.4 | |||
Charoen Pokphand Indonesia Tbk PT |
2.2 |
F U N D S U M M A R Y |
7 |
Fund Summary as of February 28, 2023 | iShares® MSCI Peru ETF |
Investment Objective
The iShares MSCI Peru ETF (the “Fund”) seeks to track the investment results of an index composed of Peruvian equities, as represented by the MSCI All Peru Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
On March 29, 2023, the Board approved a proposal to change the name of MSCI Peru to MSCI Peru and Global Exposure as well as the Fund’s investment objective. These changes became effective on April 10, 2023.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
17.02 | % | (10.43 | )% | (4.16 | )% | (1.77 | )% | (10.43 | )% | (19.12 | )% | (16.35 | )% | ||||||||||||||||||
Fund Market |
16.16 | (12.05 | ) | (4.23 | ) | (1.91 | ) | (12.05 | ) | (19.44 | ) | (17.55 | ) | |||||||||||||||||||
Index |
17.28 | (9.87 | ) | (3.91 | ) | (1.30 | ) | (9.87 | ) | (18.08 | ) | (12.23 | ) |
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
$ 1,000.00 | $ 1,170.20 | $ 3.17 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
|
Percent
of Total Investments |
(a) | |
Materials |
47.8 | % | ||
Financials |
26.7 | |||
Consumer Staples |
8.1 | |||
Consumer Discretionary |
5.3 | |||
Industrials |
4.6 | |||
Energy |
2.8 | |||
Real Estate |
2.7 | |||
Utilities |
2.0 |
(a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
Security |
|
Percent
of Total Investments |
(a) | |
Credicorp Ltd. |
22.5 | % | ||
Southern Copper Corp. |
22.3 | |||
Cia. de Minas Buenaventura SAA |
4.7 | |||
Alicorp SAA |
4.2 | |||
Ferreycorp SAA |
3.7 | |||
Sociedad Minera Cerro Verde SAA |
3.5 | |||
InRetail Peru Corp. |
2.9 | |||
PetroTal Corp. |
2.8 | |||
Falabella SA |
2.7 | |||
Parque Arauco SA |
2.7 |
8 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | iShares® MSCI Philippines ETF |
Investment Objective
The iShares MSCI Philippines ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Philippine equities, as represented by the MSCI Philippines IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
0.77 | % | (16.66 | )% | (5.26 | )% | (3.21 | )% | (16.66 | )% | (23.69 | )% | (27.81 | )% | ||||||||||||||||||
Fund Market |
1.31 | (18.53 | ) | (5.22 | ) | (3.24 | ) | (18.53 | ) | (23.50 | ) | (28.06 | ) | |||||||||||||||||||
Index |
0.92 | (15.93 | ) | (4.56 | ) | (2.52 | ) | (15.93 | ) | (20.81 | ) | (22.50 | ) |
Index performance through November 30, 2020 reflects the performance of the MSCI Philippines Investible Market Index (IMI). Index performance beginning on December 1, 2020 reflects the performance of the MSCI Philippines IMI 25/50 Index.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
$ 1,000.00 | $ 1,007.70 | $ 2.94 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
|
Percent
of Total Investments |
(a) | |
Industrials |
28.4 | % | ||
Financials |
20.7 | |||
Real Estate |
20.3 | |||
Consumer Staples |
9.9 | |||
Consumer Discretionary |
7.5 | |||
Communication Services |
5.7 | |||
Utilities |
5.4 | |||
Energy |
1.1 | |||
Materials |
1.0 |
(a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
Security |
|
Percent
of Total Investments |
(a) | |
SM Prime Holdings Inc. |
11.5 | % | ||
BDO Unibank Inc. |
8.3 | |||
Ayala Land Inc. |
5.9 | |||
SM Investments Corp. |
5.9 | |||
Bank of the Philippine Islands |
4.9 | |||
International Container Terminal Services Inc. |
4.5 | |||
Ayala Corp. |
4.2 | |||
PLDT Inc. |
4.0 | |||
JG Summit Holdings Inc. |
4.0 | |||
Jollibee Foods Corp. |
3.9 |
F U N D S U M M A R Y |
9 |
Fund Summary as of February 28, 2023 | iShares® MSCI Poland ETF |
Investment Objective
The iShares MSCI Poland ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Polish equities, as represented by the MSCI Poland IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years | 10 Years | 1 Year | 5 Years | 10 Years | ||||||||||||||||||||||||||
Fund NAV |
27.62 | % | (9.81 | )% | (8.08 | )% | (3.09 | )% | (9.81 | )% | (34.39 | )% | (26.95 | )% | ||||||||||||||||||
Fund Market |
27.86 | (9.59 | ) | (7.99 | ) | (3.07 | ) | (9.59 | ) | (34.05 | ) | (26.79 | ) | |||||||||||||||||||
Index |
27.85 | (10.21 | ) | (7.98 | ) | (2.88 | ) | (10.21 | ) | (34.01 | ) | (25.31 | ) |
Certain sectors and markets performed exceptionally well based on market conditions during the six-months period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
$ 1,000.00 | $ 1,276.20 | $ 3.33 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
|
Percent
of Total Investments |
(a) | |
Financials |
39.9 | % | ||
Energy |
16.7 | |||
Consumer Discretionary |
12.7 | |||
Materials |
7.6 | |||
Communication Services |
7.4 | |||
Consumer Staples |
5.3 | |||
Utilities |
4.6 | |||
Information Technology |
3.0 | |||
Industrials |
2.1 | |||
Health Care |
0.7 |
(a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
Security |
|
Percent
of Total Investments |
(a) | |
Polski Koncern Naftowy ORLEN SA |
16.7 | % | ||
Powszechna Kasa Oszczednosci Bank Polski SA |
10.6 | |||
Powszechny Zaklad Ubezpieczen SA |
8.6 | |||
Bank Polska Kasa Opieki SA |
6.4 | |||
Dino Polska SA |
4.6 | |||
KGHM Polska Miedz SA |
4.3 | |||
Santander Bank Polska SA |
4.3 | |||
Allegro.eu SA |
4.2 | |||
LPP SA |
4.1 | |||
CD Projekt SA |
3.5 |
10 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | iShares® MSCI Qatar ETF |
Investment Objective
The iShares MSCI Qatar ETF (the “Fund”) seeks to track the investment results of an index composed of Qatar equities, as represented by the MSCI All Qatar Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years |
Since Inception |
1 Year | 5 Years |
Since Inception |
||||||||||||||||||||||||||
Fund NAV |
(18.43 | )% | (16.44 | )% | 6.47 | % | 0.14 | % | (16.44 | )% | 36.82 | % | 1.27 | % | ||||||||||||||||||
Fund Market |
(18.75 | ) | (17.19 | ) | 6.56 | 0.11 | (17.19 | ) | 37.42 | 1.01 | ||||||||||||||||||||||
Index |
(18.87 | ) | (15.67 | ) | 7.20 | 0.76 | (15.67 | ) | 41.59 | 6.94 |
The inception date of the Fund was April 29, 2014. The first day of secondary market trading was May 1, 2014.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
$ 1,000.00 | $ 815.70 | $ 2.66 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
|
Percent
of Total Investments |
(a) | |
Financials |
52.3 | % | ||
Industrials |
14.4 | |||
Energy |
8.9 | |||
Materials |
8.2 | |||
Real Estate |
5.0 | |||
Communication Services |
4.9 | |||
Utilities |
3.5 | |||
Consumer Staples |
2.0 | |||
Health Care |
0.8 |
(a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
Security |
|
Percent
of Total Investments |
(a) | |
Qatar National Bank QPSC |
23.4 | % | ||
Qatar Islamic Bank SAQ |
12.1 | |||
Industries Qatar QSC |
8.3 | |||
Commercial Bank PSQC (The) |
4.5 | |||
Masraf Al Rayan QSC |
4.4 | |||
Mesaieed Petrochemical Holding Co. |
4.1 | |||
Qatar Gas Transport Co. Ltd. |
4.0 | |||
Qatar International Islamic Bank QSC |
3.8 | |||
Qatar Fuel QSC |
3.7 | |||
Qatar Electricity & Water Co. QSC |
3.5 |
F U N D S U M M A R Y |
11 |
Fund Summary as of February 28, 2023 | iShares® MSCI Saudi Arabia ETF |
Investment Objective
The iShares MSCI Saudi Arabia ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of Saudi Arabian equities, as represented by the MSCI Saudi Arabia IMI 25/50 Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years |
Since Inception |
1 Year | 5 Years |
Since Inception |
||||||||||||||||||||||||||
Fund NAV |
(17.34 | )% | (19.46 | )% | 8.54 | % | 7.45 | % | (19.46 | )% | 50.65 | % | 70.87 | % | ||||||||||||||||||
Fund Market |
(17.30 | ) | (20.71 | ) | 8.54 | 7.39 | (20.71 | ) | 50.62 | 70.15 | ||||||||||||||||||||||
Index |
(17.15 | ) | (18.43 | ) | 9.30 | 8.27 | (18.43 | ) | 55.96 | 80.89 |
The inception date of the Fund was September 16, 2015. The first day of secondary market trading was September 17, 2015.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
|
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| ||||||||||
$ 1,000.00 | $ 826.60 | $ 3.35 | $ 1,000.00 | $ 1,021.10 | $ 3.71 | 0.74 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
|
Percent
of Total Investments |
(a) | |
Financials |
41.9 | % | ||
Materials |
22.6 | |||
Energy |
8.1 | |||
Communication Services |
7.6 | |||
Health Care |
4.6 | |||
Consumer Staples |
4.5 | |||
Consumer Discretionary |
3.0 | |||
Utilities |
3.0 | |||
Real Estate |
2.2 | |||
Industrials |
1.9 | |||
Information Technology |
0.6 |
(a) |
Excludes money market funds. |
TEN LARGEST HOLDINGS
Security |
|
Percent
of Total Investments |
(a) | |
Al Rajhi Bank |
13.2 | % | ||
Saudi National Bank (The) |
9.9 | |||
Saudi Basic Industries Corp. |
7.5 | |||
Saudi Arabian Oil Co. |
7.1 | |||
Saudi Telecom Co. |
4.5 | |||
Saudi Arabian Mining Co. |
4.4 | |||
Riyad Bank |
3.5 | |||
Saudi British Bank (The) |
3.0 | |||
Alinma Bank |
2.9 | |||
SABIC Agri-Nutrients Co. |
2.4 |
12 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Fund Summary as of February 28, 2023 | iShares® MSCI UAE ETF |
Investment Objective
The iShares MSCI UAE ETF (the “Fund”) seeks to track the investment results of an index composed of UAE equities, as represented by the MSCI All UAE Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.
Performance
Average Annual Total Returns | Cumulative Total Returns | |||||||||||||||||||||||||||||||
6-Month Total Returns |
1 Year | 5 Years |
Since Inception |
1 Year | 5 Years |
Since Inception |
||||||||||||||||||||||||||
Fund NAV |
(9.20 | )% | (14.24 | )% | 1.49 | % | (2.11 | )% | (14.24 | )% | 7.67 | % | (17.20 | )% | ||||||||||||||||||
Fund Market |
(10.04 | ) | (14.40 | ) | 1.68 | (2.10 | ) | (14.40 | ) | 8.68 | (17.10 | ) | ||||||||||||||||||||
Index |
(8.94 | ) | (13.35 | ) | 2.41 | (1.37 | ) | (13.35 | ) | 12.64 | (11.46 | ) |
The inception date of the Fund was April 29, 2014. The first day of secondary market trading was May 1, 2014.
Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.
Expense Example
Actual |
Hypothetical 5% Return |
|||||||||||||||||||||||||||
Beginning Account Value (09/01/22) |
|
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
Beginning Account Value (09/01/22) |
|
Ending Account Value (02/28/23) |
|
|
Expenses Paid During the Period |
(a) |
|
Annualized Expense Ratio |
| |||||||||||
$ 1,000.00 | $ 908.00 | $ 2.79 | $ 1,000.00 | $ 1,021.90 | $ 2.96 | 0.59 | % |
(a) |
Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information. |
Portfolio Information
SECTOR ALLOCATION
Sector |
|
Percent
of Total Investments |
(a) | |
Financials |
40.1 | % | ||
Communication Services |
23.4 | |||
Real Estate |
13.5 | |||
Industrials |
12.7 | |||
Consumer Discretionary |
5.1 | |||
Utilities |
2.3 | |||
Energy |
1.6 | |||
Consumer Staples |
1.3 | |||
Health Care |
0.0 | (b) |
(a) |
Excludes money market funds. |
(b) |
Rounds to less than 0.1% |
TEN LARGEST HOLDINGS
Security |
|
Percent
of Total Investments |
(a) | |
Emirates Telecommunications Group Co. PJSC |
21.6 | % | ||
First Abu Dhabi Bank PJSC |
15.1 | |||
Emaar Properties PJSC |
7.6 | |||
Abu Dhabi Islamic Bank PJSC |
4.7 | |||
Emirates NBD Bank PJSC |
4.6 | |||
Abu Dhabi National Oil Co. for Distribution PJSC |
4.5 | |||
Dubai Islamic Bank PJSC |
4.5 | |||
Abu Dhabi Commercial Bank PJSC |
4.3 | |||
Multiply Group |
4.1 | |||
Aldar Properties PJSC |
4.0 |
F U N D S U M M A R Y |
13 |
Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.
Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.
An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.
Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.
The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”
The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.
14 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI Brazil Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Aerospace & Defense — 4.6% | ||||||||
Embraer SA(a) |
1,099,739 | $ | 3,484,833 | |||||
|
|
|||||||
Auto Components — 0.5% | ||||||||
Mahle-Metal Leve SA |
60,234 | 370,922 | ||||||
|
|
|||||||
Biotechnology — 0.4% | ||||||||
Blau Farmaceutica SA(a) |
56,144 | 305,629 | ||||||
|
|
|||||||
Commercial Services & Supplies — 2.1% | ||||||||
Ambipar Participacoes e Empreendimentos SA |
70,689 | 274,496 | ||||||
GPS Participacoes e Empreendimentos SA(a)(b) |
419,187 | 944,791 | ||||||
Orizon Valorizacao de Residuos SA(a) |
55,942 | 417,899 | ||||||
|
|
|||||||
1,637,186 | ||||||||
Communications Equipment — 0.9% | ||||||||
Intelbras SA Industria de Telecomunicacao Eletronica Brasileira |
128,162 | 693,509 | ||||||
|
|
|||||||
Diversified Consumer Services — 2.7% | ||||||||
Anima Holding SA(a) |
473,984 | 288,802 | ||||||
Cogna Educacao(a) |
2,936,534 | 1,133,007 | ||||||
YDUQS Participacoes SA |
459,482 | 618,733 | ||||||
|
|
|||||||
2,040,542 | ||||||||
Electric Utilities — 6.6% | ||||||||
Alupar Investimento SA |
229,274 | 1,188,969 | ||||||
EDP - Energias do Brasil SA |
409,236 | 1,534,405 | ||||||
Light SA |
408,085 | 194,866 | ||||||
Transmissora Alianca de Energia Eletrica SA |
320,485 | 2,172,500 | ||||||
|
|
|||||||
5,090,740 | ||||||||
Food & Staples Retailing — 2.2% | ||||||||
Cia. Brasileira de Distribuicao |
253,243 | 751,682 | ||||||
Grupo Mateus SA(a) |
864,302 | 931,088 | ||||||
|
|
|||||||
1,682,770 | ||||||||
Food Products — 10.4% | ||||||||
BrasilAgro - Co. Brasileira de Propriedades Agricolas |
72,090 | 357,183 | ||||||
BRF SA(a) |
1,016,320 | 1,195,796 | ||||||
Camil Alimentos SA |
197,166 | 302,408 | ||||||
Jalles Machado SA |
161,401 | 240,771 | ||||||
M. Dias Branco SA |
132,618 | 850,354 | ||||||
Marfrig Global Foods SA |
516,388 | 628,292 | ||||||
Minerva SA |
427,628 | 925,427 | ||||||
Sao Martinho SA |
249,282 | 1,295,107 | ||||||
SLC Agricola SA |
182,651 | 1,718,900 | ||||||
Tres Tentos Agroindustrial SA |
194,122 | 472,379 | ||||||
|
|
|||||||
7,986,617 | ||||||||
Health Care Providers & Services — 5.0% | ||||||||
Alliar Medicos A Frente SA(a) |
74,042 | 293,456 | ||||||
CM Hospitalar SA |
156,705 | 527,094 | ||||||
Fleury SA |
365,116 | 989,599 | ||||||
Hospital Mater Dei SA |
149,568 | 242,259 | ||||||
Instituto Hermes Pardini SA |
71,735 | 263,896 | ||||||
Odontoprev SA |
444,771 | 980,366 | ||||||
Oncoclinicas do Brasil Servicos Medicos SA(a) |
233,870 | 339,496 | ||||||
Qualicorp Consultoria e Corretora de Seguros SA |
222,214 | 198,214 | ||||||
|
|
|||||||
3,834,380 | ||||||||
Hotels, Restaurants & Leisure — 1.4% | ||||||||
Smartfit Escola de Ginastica e Danca SA(a) |
366,943 | 1,088,469 | ||||||
|
|
|||||||
Household Durables — 4.3% | ||||||||
Cury Construtora e Incorporadora SA |
205,528 | 494,638 |
Security | Shares | Value | ||||||
Household Durables (continued) | ||||||||
Cyrela Brazil Realty SA Empreendimentos e Participacoes |
469,141 | $ | 1,342,336 | |||||
Direcional Engenharia SA |
152,569 | 448,488 | ||||||
Ez Tec Empreendimentos e Participacoes SA |
172,903 | 419,753 | ||||||
MRV Engenharia e Participacoes SA |
491,509 | 553,898 | ||||||
|
|
|||||||
3,259,113 | ||||||||
Independent Power and Renewable Electricity Producers — 3.5% | ||||||||
AES Brasil Energia SA |
376,761 | 713,877 | ||||||
Auren Energia SA |
391,203 | 1,105,885 | ||||||
Omega Energia SA(a) |
487,228 | 858,974 | ||||||
|
|
|||||||
2,678,736 | ||||||||
Insurance — 0.5% | ||||||||
IRB Brasil Resseguros S/A(a) |
115,853 | 417,787 | ||||||
|
|
|||||||
IT Services — 3.1% | ||||||||
Cielo SA |
1,913,086 | 1,753,968 | ||||||
Locaweb Servicos de Internet SA(a)(b) |
695,375 | 649,492 | ||||||
|
|
|||||||
2,403,460 | ||||||||
Machinery — 1.4% | ||||||||
Iochpe Maxion SA |
216,488 | 466,019 | ||||||
Tupy SA |
112,805 | 584,984 | ||||||
|
|
|||||||
1,051,003 | ||||||||
Marine — 0.4% | ||||||||
Hidrovias do Brasil SA(a) |
773,406 | 273,291 | ||||||
|
|
|||||||
Metals & Mining — 1.2% | ||||||||
Bradespar SA |
53,982 | 257,256 | ||||||
Cia. Brasileira de Aluminio |
233,092 | 463,918 | ||||||
Metalurgica Gerdau SA |
85,699 | 183,824 | ||||||
|
|
|||||||
904,998 | ||||||||
Oil, Gas & Consumable Fuels — 4.6% | ||||||||
3R Petroleum Oleo E Gas SA(a) |
285,318 | 1,984,248 | ||||||
Enauta Participacoes SA |
166,375 | 437,908 | ||||||
Petroreconcavo SA |
206,305 | 1,115,173 | ||||||
|
|
|||||||
3,537,329 | ||||||||
Paper & Forest Products — 1.0% | ||||||||
Dexco SA |
589,428 | 734,048 | ||||||
|
|
|||||||
Professional Services — 0.6% | ||||||||
Boa Vista Servicos SA |
333,131 | 482,951 | ||||||
|
|
|||||||
Real Estate Management & Development — 8.7% | ||||||||
Aliansce Sonae Shopping Centers SA |
651,790 | 2,126,383 | ||||||
BR Properties SA |
7,420 | 340,528 | ||||||
Iguatemi SA |
336,465 | 1,242,275 | ||||||
Iguatemi SA |
364,659 | 170,647 | ||||||
JHSF Participacoes SA |
531,510 | 429,436 | ||||||
LOG Commercial Properties e Participacoes SA |
71,937 | 202,121 | ||||||
Multiplan Empreendimentos Imobiliarios SA |
442,204 | 2,125,944 | ||||||
|
|
|||||||
6,637,334 | ||||||||
Road & Rail — 2.9% | ||||||||
Movida Participacoes SA |
226,774 | 285,013 | ||||||
SIMPAR SA |
524,780 | 719,694 | ||||||
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA |
481,366 | 1,221,011 | ||||||
|
|
|||||||
2,225,718 | ||||||||
Specialty Retail — 2.1% | ||||||||
Grupo SBF SA |
152,473 | 238,810 | ||||||
Pet Center Comercio e Participacoes SA |
541,788 | 667,475 |
S C H E D U L E O F I N V E S T M E N T S |
15 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Brazil Small-Cap ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Specialty Retail (continued) |
| |||||||
Via S/A(a) |
2,000,994 | $ | 737,648 | |||||
|
|
|||||||
1,643,933 | ||||||||
Technology Hardware, Storage & Peripherals — 0.2% | ||||||||
Multilaser Industrial SA |
320,997 | 141,018 | ||||||
|
|
|||||||
Textiles, Apparel & Luxury Goods — 5.9% | ||||||||
Arezzo Industria e Comercio SA |
103,452 | 1,474,089 | ||||||
Grendene SA |
494,098 | 621,934 | ||||||
Grupo De Moda Soma SA |
798,188 | 1,338,584 | ||||||
Guararapes Confeccoes SA |
156,231 | 131,897 | ||||||
Vivara Participacoes SA |
166,322 | 688,422 | ||||||
Vulcabras Azaleia SA |
130,667 | 289,015 | ||||||
|
|
|||||||
4,543,941 | ||||||||
Trading Companies & Distributors — 1.0% | ||||||||
Armac Locacao Logistica E Servicos SA |
162,435 | 421,333 | ||||||
Mills Estruturas e Servicos de Engenharia SA |
173,442 | 375,344 | ||||||
|
|
|||||||
796,677 | ||||||||
Transportation Infrastructure — 2.8% | ||||||||
EcoRodovias Infraestrutura e Logistica SA |
381,371 | 298,660 | ||||||
Santos Brasil Participacoes SA |
810,872 | 1,240,597 | ||||||
Wilson Sons Holdings Brasil SA, NVS |
308,518 | 602,251 | ||||||
|
|
|||||||
2,141,508 | ||||||||
Water Utilities — 2.0% | ||||||||
Cia. de Saneamento de Minas Gerais-COPASA |
297,512 | 808,072 | ||||||
Cia. de Saneamento do Parana |
220,555 | 718,691 | ||||||
|
|
|||||||
1,526,763 | ||||||||
|
|
|||||||
Total
Common Stocks — 83.0% |
63,615,205 | |||||||
|
|
|||||||
Preferred Stocks |
||||||||
Aerospace & Defense — 0.4% | ||||||||
Taurus Armas SA, Preference Shares, NVS |
112,595 | 313,346 | ||||||
|
|
|||||||
Airlines — 1.2% | ||||||||
Azul SA, Preference Shares, NVS |
446,402 | 607,941 | ||||||
Gol Linhas Aereas Inteligentes SA, Preference Shares, NVS |
289,894 | 306,204 | ||||||
|
|
|||||||
914,145 | ||||||||
Banks — 2.0% | ||||||||
Banco ABC Brasil SA, Preference Shares, NVS |
132,201 | 458,308 | ||||||
Banco do Estado do Rio Grande do Sul SA, Class B, |
||||||||
Preference Shares, NVS |
316,931 | 604,750 | ||||||
Banco Pan SA, Preference Shares, NVS |
507,603 | 498,349 | ||||||
|
|
|||||||
1,561,407 | ||||||||
Chemicals — 1.5% | ||||||||
Unipar Carbocloro SA, Class B, Preference Shares, NVS |
76,660 | 1,161,003 | ||||||
|
|
Security | Shares | Value | ||||||
Electric Utilities — 0.2% | ||||||||
Cia Energetica do Ceara, Class A, Preference Shares, NVS |
22,105 | $ | 192,109 | |||||
|
|
|||||||
Machinery — 1.2% | ||||||||
Marcopolo SA, Preference Shares, NVS |
757,703 | 457,333 | ||||||
Randon SA Implementos e Participacoes, Preference Shares, NVS |
283,063 | 430,370 | ||||||
|
|
|||||||
887,703 | ||||||||
Metals & Mining — 8.1% | ||||||||
Bradespar SA, Preference Shares, NVS |
399,202 | 2,109,069 | ||||||
Cia Ferro Ligas da Bahia - FERBASA, Preference Shares, NVS |
55,282 | 606,624 | ||||||
Metalurgica Gerdau SA, Preference Shares, NVS |
1,046,435 | 2,514,426 | ||||||
Usinas Siderurgicas de Minas Gerais SA Usiminas, Class A, Preference Shares, NVS |
728,559 | 950,455 | ||||||
|
|
|||||||
6,180,574 | ||||||||
Textiles, Apparel & Luxury Goods — 0.8% | ||||||||
Alpargatas SA, Preference Shares, NVS |
349,436 | 629,398 | ||||||
|
|
|||||||
Water Utilities — 0.6% | ||||||||
Cia de Saneamento do Parana, Preference Shares, NVS |
694,282 | 452,206 | ||||||
|
|
|||||||
Total
Preferred Stocks — 16.0% |
12,291,891 | |||||||
|
|
|||||||
Total
Long-Term Investments — 99.0% |
75,907,096 | |||||||
|
|
|||||||
Short-Term Securities |
||||||||
Money Market Funds — 0.1% | ||||||||
BlackRock
Cash Funds: Treasury, |
50,000 | 50,000 | ||||||
|
|
|||||||
Total
Short-Term Securities — 0.1% |
50,000 | |||||||
|
|
|||||||
Total
Investments — 99.1% |
75,957,096 | |||||||
Other Assets Less Liabilities — 0.9% |
692,015 | |||||||
|
|
|||||||
Net Assets — 100.0% |
$ | 76,649,111 | ||||||
|
|
(a) |
Non-income producing security. |
(b) |
Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors. |
(c) |
Affiliate of the Fund. |
(d) |
Annualized 7-day yield as of period end. |
16 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Brazil Small-Cap ETF |
Affiliates
Investments in issuers considered to be affiliate(s) of the Fund during the six months ended February 28, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:
Affiliated Issuer |
Value at 08/31/22 |
Purchases at Cost |
Proceeds from Sale |
Net Realized Gain (Loss) |
Change in Unrealized Appreciation (Depreciation) |
Value at 02/28/23 |
Shares Held at 02/28/23 |
Income |
Capital Gain Distributions from Underlying Funds |
|||||||||||||||||||||||||||
BlackRock Cash Funds: Treasury, SL Agency Shares |
$ | 40,000 | $ | 10,000 | (a) | $ | — | $ | — | $ | — | $ | 50,000 | 50,000 | $ | 2,515 | $ | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(a) |
Represents net amount purchased (sold). |
Derivative Financial Instruments Outstanding as of Period End
Futures Contracts
Description |
Number of Contracts |
Expiration Date |
Notional Amount (000) |
Value/ Unrealized Appreciation (Depreciation) |
||||||||||
Long Contracts |
||||||||||||||
MSCI Brazil Index |
14 | 03/17/23 | $ 651 | $ | (27,011 | ) | ||||||||
|
|
Derivative Financial Instruments Categorized by Risk Exposure
As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||
Liabilities — Derivative Financial Instruments |
||||||||||||||||||||||||
Futures contracts |
||||||||||||||||||||||||
Unrealized depreciation on futures contracts(a) |
$ | — | $ | — | $ 27,011 | $ | — | $ — | $ | — | $ | 27,011 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Net cumulative unrealized appreciation (depreciation) on futures contracts are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss). |
For the period ended February 28, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:
Commodity Contracts |
Credit Contracts |
Equity Contracts |
Foreign Currency Exchange Contracts |
Interest Rate Contracts |
Other Contracts |
Total |
||||||||||||||||||
Net Realized Gain (Loss) from |
||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $ 40,131 | $ | — | $ — | $ | — | $ | 40,131 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Change in Unrealized Appreciation (Depreciation) on |
||||||||||||||||||||||||
Futures contracts |
$ | — | $ | — | $(54,066) | $ | — | $ — | $ | — | $ | (54,066 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Average Quarterly Balances of Outstanding Derivative Financial Instruments
Futures contracts |
||||
Average notional value of contracts — long |
$ | 765,363 |
For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.
S C H E D U L E O F I N V E S T M E N T S |
17 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI Brazil Small-Cap ETF |
Fair Value Hierarchy as of Period End
Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.
The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets |
||||||||||||||||
Investments |
||||||||||||||||
Long-Term Investments |
||||||||||||||||
Common Stocks |
$ | 62,901,328 | $ | 713,877 | $ | — | $ | 63,615,205 | ||||||||
Preferred Stocks |
12,291,891 | — | — | 12,291,891 | ||||||||||||
Short-Term Securities |
||||||||||||||||
Money Market Funds |
50,000 | — | — | 50,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 75,243,219 | $ | 713,877 | $ | — | $ | 75,957,096 | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Derivative Financial Instruments(a) |
||||||||||||||||
Liabilities |
||||||||||||||||
Equity Contracts |
$ | (27,011 | ) | $ | — | $ | — | $ | (27,011 | ) | ||||||
|
|
|
|
|
|
|
|
(a) |
Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument. |
See notes to financial statements.
18 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) February 28, 2023 |
iShares® MSCI China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Common Stocks |
||||||||
Aerospace & Defense — 0.1% | ||||||||
AECC Aero-Engine Control Co. Ltd., Class A |
74,800 | $ | 272,234 | |||||
AECC Aviation Power Co. Ltd., Class A |
694,476 | 4,583,859 | ||||||
AviChina Industry & Technology Co. Ltd., Class H |
11,061,000 | 5,273,728 | ||||||
Kuang-Chi Technologies Co. Ltd., Class A |
607,600 | 1,529,663 | ||||||
|
|
|||||||
11,659,484 | ||||||||
Air Freight & Logistics — 0.7% | ||||||||
SF Holding Co. Ltd., Class A |
1,215,283 | 9,411,117 | ||||||
YTO Express Group Co. Ltd., Class A |
868,000 | 2,267,280 | ||||||
Yunda Holding Co. Ltd., Class A |
868,557 | 1,592,751 | ||||||
ZTO Express Cayman Inc., ADR |
1,713,317 | 41,222,407 | ||||||
|
|
|||||||
54,493,555 | ||||||||
Airlines — 0.2% | ||||||||
Air China Ltd., Class A(a) |
1,736,014 | 2,774,749 | ||||||
Air China Ltd., Class H(a) |
6,966,000 | 6,422,879 | ||||||
China Eastern Airlines Corp. Ltd., Class A(a) |
3,472,096 | 2,713,196 | ||||||
China Southern Airlines Co. Ltd., Class A(a) |
3,385,234 | 3,847,681 | ||||||
China
Southern Airlines Co. Ltd., |
6,966,000 | 5,079,372 | ||||||
|
|
|||||||
20,837,877 | ||||||||
Auto Components — 0.4% | ||||||||
Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A |
86,895 | 1,886,369 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class A |
434,098 | 2,316,353 | ||||||
Fuyao Glass Industry Group Co. Ltd., Class H(c) |
2,430,400 | 10,891,461 | ||||||
Huayu Automotive Systems Co. Ltd., Class A |
954,872 | 2,597,820 | ||||||
Huizhou Desay Sv Automotive Co. Ltd., Class A |
174,100 | 2,852,404 | ||||||
Minth Group Ltd. |
3,472,000 | 9,022,311 | ||||||
Ningbo Tuopu Group Co. Ltd., Class A |
260,400 | 2,507,701 | ||||||
Sailun Group Co. Ltd., Class A |
768,361 | 1,228,904 | ||||||
Shandong Linglong Tyre Co. Ltd., Class A |
434,028 | 1,407,177 | ||||||
Shenzhen Kedali Industry Co. Ltd., Class A |
86,800 | 1,527,874 | ||||||
|
|
|||||||
36,238,374 | ||||||||
Automobiles — 3.8% | ||||||||
BYD Co. Ltd., Class A |
448,969 | 16,797,580 | ||||||
BYD Co. Ltd., Class H |
3,306,000 | 88,879,286 | ||||||
Chongqing Changan Automobile Co. Ltd., Class A |
2,182,620 | 4,206,728 | ||||||
Dongfeng Motor Group Co. Ltd., Class H |
9,374,000 | 4,788,868 | ||||||
Geely Automobile Holdings Ltd. |
24,336,000 | 31,616,784 | ||||||
Great Wall Motor Co. Ltd., Class A |
520,800 | 2,583,820 | ||||||
Great Wall Motor Co. Ltd., Class H |
12,175,500 | 16,157,593 | ||||||
Guangzhou Automobile Group Co. Ltd., Class A |
1,128,400 | 1,862,610 | ||||||
Guangzhou Automobile Group Co. Ltd., Class H |
11,728,400 | 7,478,316 | ||||||
Li Auto Inc.(a) |
4,586,280 | 54,114,250 | ||||||
NIO Inc., ADR(a)(b) |
5,558,977 | 52,198,794 | ||||||
SAIC Motor Corp. Ltd., Class A |
2,256,804 | 4,879,827 | ||||||
XPeng Inc.(a)(b) |
3,758,472 | 16,706,580 | ||||||
Yadea Group Holdings Ltd.(c) |
5,208,000 | 11,177,370 | ||||||
|
|
|||||||
313,448,406 | ||||||||
Banks — 9.6% | ||||||||
Agricultural Bank of China Ltd., Class A |
21,092,400 | 8,891,573 | ||||||
Agricultural Bank of China Ltd., Class H |
115,937,000 | 40,195,033 | ||||||
Bank of Beijing Co. Ltd., Class A |
5,215,799 | 3,249,336 | ||||||
Bank of Chengdu Co. Ltd., Class A |
1,215,293 | 2,513,441 | ||||||
Bank of China Ltd., Class A |
8,853,600 | 4,115,001 | ||||||
Bank of China Ltd., Class H |
320,310,000 | 117,474,245 | ||||||
Bank of Communications Co. Ltd., Class A |
9,680,722 | 6,825,274 | ||||||
Bank of Communications Co. Ltd., Class H |
34,754,200 | 20,548,696 | ||||||
Bank of Hangzhou Co. Ltd., Class A |
1,822,828 | 3,182,887 |
Security | Shares | Value | ||||||
Banks (continued) | ||||||||
Bank of Jiangsu Co. Ltd., Class A |
3,985,215 | $ | 4,123,018 | |||||
Bank of Nanjing Co. Ltd., Class A |
3,088,804 | 4,404,392 | ||||||
Bank of Ningbo Co. Ltd., Class A |
1,616,502 | 6,859,952 | ||||||
Bank of Shanghai Co. Ltd., Class A |
4,340,010 | 3,734,239 | ||||||
China CITIC Bank Corp. Ltd., Class H |
35,589,800 | 16,465,898 | ||||||
China Construction Bank Corp., Class A |
2,129,514 | 1,728,378 | ||||||
China Construction Bank Corp., Class H |
388,918,000 | 237,736,793 | ||||||
China Everbright Bank Co. Ltd., Class A |
11,631,200 | 4,987,158 | ||||||
China Everbright Bank Co. Ltd., Class H |
8,763,000 | 2,523,500 | ||||||
China Merchants Bank Co. Ltd., Class A |
5,121,225 | 27,507,064 | ||||||
China Merchants Bank Co. Ltd., Class H |
15,639,150 | 84,865,859 | ||||||
China Minsheng Banking Corp. Ltd., Class A |
9,461,270 | 4,641,918 | ||||||
China Minsheng Banking Corp. Ltd., Class H |
22,214,160 | 7,671,747 | ||||||
China Zheshang Bank Co. Ltd., Class A(a) |
4,985,900 | 2,095,052 | ||||||
Chongqing Rural Commercial Bank Co. Ltd., Class A |
829,000 | 431,812 | ||||||
Huaxia Bank Co. Ltd., Class A |
4,340,061 | 3,259,653 | ||||||
Industrial & Commercial Bank of China Ltd., Class A |
15,276,800 | 9,450,997 | ||||||
Industrial & Commercial Bank of China Ltd., Class H |
227,575,000 | 113,551,210 | ||||||
Industrial Bank Co. Ltd., Class A |
5,068,210 | 12,329,253 | ||||||
Ping An Bank Co. Ltd., Class A |
4,693,655 | 9,291,188 | ||||||
Postal Savings Bank of China Co. Ltd., Class A |
7,030,800 | 4,573,265 | ||||||
Postal Savings Bank of China Co. Ltd., Class H(c) |
31,270,000 | 18,787,094 | ||||||
Shanghai Pudong Development Bank Co. Ltd., Class A |
7,378,024 | 7,621,766 | ||||||
Shanghai Rural Commercial Bank Co. Ltd. |
2,305,700 | 1,967,112 | ||||||
|
|
|||||||
797,603,804 | ||||||||
Beverages — 3.4% | ||||||||
Anhui Gujing Distillery Co. Ltd., Class A |
97,596 | 3,838,850 | ||||||
Anhui Gujing Distillery Co. Ltd., Class B |
434,380 | 7,467,013 | ||||||
Anhui Kouzi Distillery Co. Ltd., Class A |
145,200 | 1,439,496 | ||||||
Anhui Yingjia Distillery Co. Ltd., Class A |
150,000 | 1,514,213 | ||||||
Beijing Yanjing Brewery Co. Ltd., Class A |
682,100 | 1,323,990 | ||||||
China Resources Beer Holdings Co. Ltd. |
6,598,000 | 48,812,474 | ||||||
Chongqing Brewery Co. Ltd., Class A |
173,600 | 3,435,194 | ||||||
Jiangsu King’s Luck Brewery JSC Ltd., Class A |
347,203 | 3,203,492 | ||||||
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A |
347,276 | 8,479,827 | ||||||
JiuGui Liquor Co. Ltd., Class A |
87,400 | 1,907,301 | ||||||
Kweichow Moutai Co. Ltd., Class A |
306,655 | 80,105,364 | ||||||
Luzhou Laojiao Co. Ltd., Class A |
367,700 | 13,202,501 | ||||||
Nongfu Spring Co. Ltd., Class H(b)(c) |
7,095,800 | 39,829,891 | ||||||
Shanghai Bairun Investment Holding Group Co. Ltd., Class A |
294,997 | 1,780,674 | ||||||
Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A |
295,286 | 12,020,193 | ||||||
Sichuan Swellfun Co. Ltd., Class A |
108,552 | 1,293,137 | ||||||
Tsingtao Brewery Co. Ltd., Class A |
173,663 | 2,786,063 | ||||||
Tsingtao Brewery Co. Ltd., Class H |
2,396,000 | 23,647,985 | ||||||
Wuliangye Yibin Co. Ltd., Class A |
958,077 | 28,115,354 | ||||||
|
|
|||||||
284,203,012 | ||||||||
Biotechnology — 1.5% | ||||||||
3SBio Inc.(c) |
5,941,000 | 5,891,335 | ||||||
Akeso Inc.(a)(c) |
1,865,000 | 9,503,911 | ||||||
BeiGene Ltd.(a) |
2,527,534 | 43,810,543 | ||||||
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A |
114,475 | 2,089,718 | ||||||
BGI Genomics Co. Ltd., Class A |
173,699 | 1,390,354 | ||||||
Bloomage Biotechnology Corp. Ltd. |
68,688 | 1,253,942 | ||||||
Chongqing Zhifei Biological Products Co. Ltd., Class A |
434,040 | 5,593,468 | ||||||
Hualan Biological Engineering Inc., Class A |
475,872 | 1,517,862 | ||||||
Imeik Technology Development Co. Ltd., Class A |
49,944 | 4,222,282 | ||||||
Innovent Biologics Inc.(a)(c) |
4,051,500 | 19,704,979 |
S C H E D U L E O F I N V E S T M E N T S |
19 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Biotechnology (continued) | ||||||||
Legend Biotech Corp., ADR(a)(b) |
199,714 | $ | 9,222,793 | |||||
Shanghai Junshi Biosciences Co. Ltd., Class A(a) |
173,600 | 1,319,471 | ||||||
Shanghai RAAS Blood Products Co. Ltd., Class A |
2,343,600 | 2,090,739 | ||||||
Shenzhen Kangtai Biological Products Co. Ltd., Class A |
273,188 | 1,362,345 | ||||||
Walvax Biotechnology Co. Ltd., Class A |
434,097 | 2,386,083 | ||||||
Zai Lab Ltd., ADR(a)(b) |
357,616 | 13,285,434 | ||||||
|
|
|||||||
124,645,259 | ||||||||
Building Products — 0.1% | ||||||||
Beijing New Building Materials PLC, Class A |
520,870 | 2,251,841 | ||||||
China Lesso Group Holdings Ltd. |
4,351,000 | 4,589,368 | ||||||
Guangdong Kinlong Hardware Products Co. Ltd., Class A |
87,400 | 1,207,568 | ||||||
Zhejiang Weixing New Building Materials Co. Ltd., Class A |
222,100 | 820,669 | ||||||
Zhuzhou Kibing Group Co. Ltd., Class A |
694,400 | 1,093,431 | ||||||
|
|
|||||||
9,962,877 | ||||||||
Capital Markets — 1.7% | ||||||||
Caitong Securities Co. Ltd., Class A |
242,400 | 268,769 | ||||||
Changjiang Securities Co. Ltd., Class A |
2,517,236 | 2,047,074 | ||||||
China Cinda Asset Management Co. Ltd., Class H |
36,235,000 | 4,709,585 | ||||||
China Galaxy Securities Co. Ltd., Class A |
1,235,800 | 1,710,043 | ||||||
China Galaxy Securities Co. Ltd., Class H |
12,177,000 | 6,069,516 | ||||||
China International Capital Corp. Ltd., Class A |
348,002 | 2,097,943 | ||||||
China International Capital Corp. Ltd., Class H(c) |
5,696,400 | 12,264,771 | ||||||
China Merchants Securities Co. Ltd., Class A |
1,996,468 | 4,016,196 | ||||||
CITIC Securities Co. Ltd., Class A |
2,952,631 | 8,771,307 | ||||||
CITIC Securities Co. Ltd., Class H |
7,870,800 | 16,674,443 | ||||||
CSC Financial Co. Ltd., Class A |
1,215,299 | 4,681,401 | ||||||
Dongxing Securities Co. Ltd., Class A |
1,215,211 | 1,502,024 | ||||||
East Money Information Co. Ltd., Class A |
3,223,876 | 9,679,805 | ||||||
Everbright Securities Co. Ltd., Class A |
1,041,699 | 2,343,857 | ||||||
First Capital Securities Co. Ltd., Class A |
1,388,889 | 1,195,299 | ||||||
GF Securities Co. Ltd., Class A |
1,507,399 | 3,534,629 | ||||||
GF Securities Co. Ltd., Class H |
4,175,000 | 5,927,712 | ||||||
Guosen Securities Co. Ltd., Class A |
2,083,233 | 2,892,091 | ||||||
Guotai Junan Securities Co. Ltd., Class A |
2,135,759 | 4,390,214 | ||||||
Guoyuan Securities Co. Ltd., Class A |
1,539,070 | 1,558,721 | ||||||
Haitong Securities Co. Ltd., Class A |
2,517,259 | 3,313,084 | ||||||
Haitong Securities Co. Ltd., Class H |
10,416,000 | 6,703,227 | ||||||
Hithink RoyalFlush Information Network Co. Ltd., Class A |
118,587 | 2,016,620 | ||||||
Huatai Securities Co. Ltd., Class A |
2,343,693 | 4,248,477 | ||||||
Huatai Securities Co. Ltd., Class H(c) |
4,938,600 | 5,559,319 | ||||||
Huaxi Securities Co. Ltd., Class A |
1,302,073 | 1,546,839 | ||||||
Industrial Securities Co. Ltd., Class A |
2,619,792 | 2,423,157 | ||||||
Orient Securities Co. Ltd., Class A |
2,137,321 | 3,136,425 | ||||||
SDIC Capital Co. Ltd., Class A |
814,600 | 825,167 | ||||||
Sealand Securities Co. Ltd., Class A |
2,690,837 | 1,349,682 | ||||||
Shanxi Securities Co. Ltd., Class A |
1,441,341 | 1,201,149 | ||||||
Shenwan Hongyuan Group Co. Ltd., Class A |
7,162,179 | 4,344,644 | ||||||
SooChow Securities Co. Ltd., Class A |
1,773,435 | 1,795,931 | ||||||
Western Securities Co. Ltd., Class A |
1,996,430 | 1,902,048 | ||||||
Zheshang Securities Co. Ltd., Class A |
1,128,400 | 1,674,928 | ||||||
Zhongtai Securities Co. Ltd. |
1,388,800 | 1,391,928 | ||||||
|
|
|||||||
139,768,025 | ||||||||
Chemicals — 1.3% | ||||||||
Chengxin Lithium Group Co. Ltd., Class A |
260,400 | 1,420,240 | ||||||
CNGR Advanced Material Co. Ltd. |
86,776 | 876,879 | ||||||
Do-Fluoride New Materials Co. Ltd., Class A |
260,400 | 1,365,438 |
Security | Shares | Value | ||||||
Chemicals (continued) | ||||||||
Dongyue Group Ltd.(b) |
5,701,000 | $ | 6,456,307 | |||||
Ganfeng Lithium Co. Ltd., Class H(b)(c) |
1,499,800 | 10,476,541 | ||||||
Ganfeng Lithium Group Co. Ltd., Class A |
392,541 | 4,083,747 | ||||||
Guangzhou Tinci Materials Technology Co. Ltd., Class A |
521,600 | 3,369,653 | ||||||
Hangzhou Oxygen Plant Group Co. Ltd., Class A |
260,400 | 1,459,784 | ||||||
Hengli Petrochemical Co. Ltd., Class A |
1,649,210 | 4,189,557 | ||||||
Hengyi Petrochemical Co. Ltd., Class A |
1,562,476 | 1,824,238 | ||||||
Hoshine Silicon Industry Co. Ltd., Class A |
173,600 | 2,447,676 | ||||||
Huafon Chemical Co. Ltd., Class A |
1,518,000 | 1,780,584 | ||||||
Hubei Xingfa Chemicals Group Co. Ltd., Class A |
347,200 | 1,753,333 | ||||||
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A |
2,830,170 | 1,799,922 | ||||||
Inner Mongolia Yuan Xing Energy Co. Ltd., Class A |
1,041,600 | 1,414,181 | ||||||
Jiangsu Eastern Shenghong Co. Ltd., Class A |
1,130,100 | 2,521,398 | ||||||
Jiangsu Yangnong Chemical Co. Ltd., Class A |
74,800 | 1,155,304 | ||||||
LB Group Co. Ltd., Class A |
694,400 | 2,185,892 | ||||||
Ningbo Shanshan Co. Ltd. |
749,791 | 1,928,286 | ||||||
Ningxia Baofeng Energy Group Co. Ltd., Class A |
1,864,700 | 4,240,020 | ||||||
Qinghai Salt Lake Industry Co. Ltd., Class A(a) |
1,215,200 | 4,329,010 | ||||||
Rongsheng Petrochemical Co. Ltd., Class A |
2,691,292 | 5,233,373 | ||||||
Satellite Chemical Co. Ltd., Class A |
938,043 | 2,346,198 | ||||||
Shandong Hualu Hengsheng Chemical Co. Ltd., Class A |
694,400 | 3,609,284 | ||||||
Shanghai Putailai New Energy Technology Co. Ltd., Class A |
347,200 | 2,509,961 | ||||||
Shenzhen Capchem Technology Co. Ltd., Class A |
222,720 | 1,486,362 | ||||||
Shenzhen Dynanonic Co. Ltd. |
13,200 | 429,260 | ||||||
Shenzhen Senior Technology Co. Ltd., Class A |
316,997 | 967,460 | ||||||
Sichuan Yahua Industrial Group Co. Ltd., Class A |
158,600 | 558,246 | ||||||
Sinoma Science & Technology Co. Ltd., Class A |
520,800 | 1,723,928 | ||||||
Skshu Paint Co. Ltd., Class A(a) |
104,200 | 1,834,997 | ||||||
SuZhou TA&A Ultra Clean Technology Co. Ltd., Class A |
173,600 | 1,433,264 | ||||||
Tianqi Lithium Corp., Class A(a) |
347,200 | 4,087,529 | ||||||
Tongkun Group Co. Ltd., Class A |
781,264 | 1,837,639 | ||||||
Wanhua Chemical Group Co. Ltd., Class A |
781,273 | 11,723,906 | ||||||
Weihai Guangwei Composites Co. Ltd., Class A |
173,600 | 1,663,118 | ||||||
Yunnan Energy New Material Co. Ltd., Class A |
224,404 | 4,049,906 | ||||||
Yunnan Yuntianhua Co. Ltd.(a) |
260,400 | 909,217 | ||||||
Zangge Mining Co. Ltd. |
260,400 | 1,044,456 | ||||||
Zhejiang Juhua Co. Ltd., Class A |
607,572 | 1,646,269 | ||||||
Zhejiang Yongtai Technology Co. Ltd., Class A |
260,400 | 870,130 | ||||||
|
|
|||||||
111,042,493 | ||||||||
Commercial Services & Supplies — 0.1% | ||||||||
China Everbright Environment Group Ltd. |
14,756,148 | 5,984,603 | ||||||
Shanghai M&G Stationery Inc., Class A |
260,400 | 2,029,847 | ||||||
Zhejiang Weiming Environment Protection Co. Ltd., Class A |
161,600 | 456,089 | ||||||
|
|
|||||||
8,470,539 | ||||||||
Communications Equipment — 0.3% | ||||||||
BYD Electronic International Co. Ltd. |
2,610,500 | 7,611,942 | ||||||
Guangzhou Haige Communications Group Inc. Co., Class A |
1,388,884 | 1,902,989 | ||||||
Hengtong Optic-Electric Co. Ltd., Class A |
248,400 | 526,276 | ||||||
Yealink Network Technology Corp. Ltd., Class A |
203,094 | 1,946,180 | ||||||
Zhongji Innolight Co. Ltd., Class A |
260,477 | 1,328,704 | ||||||
ZTE Corp., Class A |
984,064 | 4,557,632 | ||||||
ZTE Corp., Class H |
3,124,840 | 9,284,236 | ||||||
|
|
|||||||
27,157,959 |
20 |
2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Construction & Engineering — 0.8% |
| |||||||
China Communications Services Corp. Ltd., Class H |
10,176,800 | $ | 3,956,690 | |||||
China Conch Venture Holdings Ltd. |
6,524,500 | 13,130,400 | ||||||
China Energy Engineering Corp. Ltd. |
7,424,200 | 2,542,325 | ||||||
China National Chemical Engineering Co. Ltd., Class A |
1,736,095 | 2,252,930 | ||||||
China Railway Group Ltd., Class A |
4,342,098 | 3,774,457 | ||||||
China Railway Group Ltd., Class H |
17,973,000 | 9,367,286 | ||||||
China State Construction Engineering Corp. Ltd., Class A |
10,416,038 | 8,425,925 | ||||||
China State Construction International Holdings Ltd. |
8,680,000 | 9,885,364 | ||||||
Metallurgical Corp. of China Ltd., Class A |
5,989,200 | 2,939,260 | ||||||
Power Construction Corp. of China Ltd., Class A |
4,253,297 | 4,394,223 | ||||||
Sichuan Road & Bridge Co. Ltd., Class A |
1,128,400 | 2,063,234 | ||||||
|
|
|||||||
62,732,094 | ||||||||
Construction Materials — 0.5% | ||||||||
Anhui Conch Cement Co. Ltd., Class A |
1,160,191 | 5,122,622 | ||||||
Anhui Conch Cement Co. Ltd., Class H |
4,774,000 | 17,526,843 | ||||||
China Jushi Co. Ltd., Class A |
1,302,005 | 2,838,631 | ||||||
China National Building Material Co. Ltd., Class H |
15,624,000 | 13,852,597 | ||||||
China Resources Cement Holdings Ltd.(b) |
10,416,000 | 5,604,638 | ||||||
|
|
|||||||
44,945,331 | ||||||||
Consumer Finance — 0.2% | ||||||||
360 DigiTech Inc.(b) |
440,734 | 8,973,344 | ||||||
Lufax Holding Ltd., ADR |
2,758,594 | 5,958,563 | ||||||
|
|
|||||||
14,931,907 | ||||||||
Distributors — 0.0% | ||||||||
Wuchan Zhongda Group Co. Ltd., Class A |
1,649,203 | 1,160,190 | ||||||
|
|
|||||||
Diversified Consumer Services — 0.6% | ||||||||
Koolearn Technology Holding Ltd.(a)(b)(c) |
1,610,000 | 9,168,800 | ||||||
New Oriental Education & Technology Group Inc.(a) |
6,249,690 | 24,100,546 | ||||||
Offcn Education Technology Co. Ltd., Class A(a) |
1,492,500 | 1,226,239 | ||||||
TAL Education Group, ADR(a) |
1,821,367 | 12,804,210 | ||||||
|
|
|||||||
47,299,795 | ||||||||
Diversified Financial Services — 0.1% | ||||||||
AVIC Industry-Finance Holdings Co. Ltd., Class A |
3,031,482 | 1,897,599 | ||||||
Far East Horizon Ltd.(b) |
6,532,000 | 5,778,018 | ||||||
|
|
|||||||
7,675,617 | ||||||||
Diversified Telecommunication Services — 0.2% | ||||||||
China Tower Corp. Ltd., Class H(c) |
178,844,000 | 19,368,941 | ||||||
|
|
|||||||
Electrical Equipment — 1.1% | ||||||||
Beijing Easpring Material Technology Co. Ltd., Class A |
124,000 | 1,063,710 | ||||||
Contemporary Amperex Technology Co. Ltd., Class A |
595,622 | 34,509,392 | ||||||
Dongfang Electric Corp. Ltd., Class A |
781,200 | 2,216,909 | ||||||
Eve Energy Co. Ltd., Class A |
529,236 | 5,524,702 | ||||||
Fangda Carbon New Material Co. Ltd., Class A(a) |
1,388,847 | 1,336,775 | ||||||
Ginlong Technologies Co. Ltd., Class A(a) |
118,400 | 2,699,823 | ||||||
Gotion High-tech Co. Ltd., Class A |
471,892 | 2,003,181 | ||||||
Hongfa Technology Co. Ltd., Class A |
326,791 | 1,647,792 | ||||||
Jiangsu GoodWe Power Supply Technology Co. Ltd., NVS |
20,126 | 1,124,743 | ||||||
Jiangsu Zhongtian Technology Co. Ltd., Class A |
868,000 | 2,005,216 | ||||||
Jiangxi Special Electric Motor Co. Ltd., NVS(a) |
335,200 | 861,249 | ||||||
Ming Yang Smart Energy Group Ltd., Class A |
518,452 | 1,893,730 | ||||||
NARI Technology Co. Ltd., Class A |
1,765,012 | 6,668,029 | ||||||
Ningbo Orient Wires & Cables Co. Ltd. |
236,731 | 1,873,442 | ||||||
Ningbo Ronbay New Energy Technology Co. Ltd. |
110,180 | 1,142,827 | ||||||
Pylon Technologies Co. Ltd., NVS |
22,142 | 854,297 | ||||||
Shanghai Electric Group Co. Ltd., Class A(a) |
3,211,600 | 1,935,307 | ||||||
Sungrow Power Supply Co. Ltd., Class A |
370,600 | 6,362,874 |
Security | Shares | Value | ||||||
Electrical Equipment (continued) |
| |||||||
Sunwoda Electronic Co. Ltd., Class A |
520,808 | $ | 1,616,874 | |||||
Suzhou Maxwell Technologies Co. Ltd., Class A |
35,592 | 1,877,051 | ||||||
TBEA Co. Ltd., Class A |
1,128,457 | 3,500,560 | ||||||
Titan Wind Energy Suzhou Co. Ltd., Class A |
434,000 | 955,256 | ||||||
Xinjiang Goldwind Science & Technology Co. Ltd., Class A |
783,320 | 1,279,133 | ||||||
Zhejiang Chint Electrics Co. Ltd., Class A |
607,621 | 2,622,834 | ||||||
|
|
|||||||
87,575,706 | ||||||||
Electronic Equipment, Instruments & Components — 1.3% | ||||||||
AAC Technologies Holdings Inc.(a) |
3,038,000 | 6,789,759 | ||||||
Avary Holding Shenzhen Co. Ltd., Class A |
476,600 | 1,947,822 | ||||||
BOE Technology Group Co. Ltd., Class A |
9,808,400 | 5,877,734 | ||||||
Chaozhou Three-Circle Group Co. Ltd., Class A |
574,977 | 2,631,907 | ||||||
China Zhenhua Group Science & Technology Co. Ltd., Class A |
142,700 | 2,132,987 | ||||||
Foxconn Industrial Internet Co. Ltd., Class A |
2,343,686 | 3,237,641 | ||||||
GoerTek Inc., Class A |
868,000 | 2,686,794 | ||||||
Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A |
173,619 | 1,715,143 | ||||||
Hengdian Group DMEGC Magnetics Co. Ltd. |
393,700 | 1,232,676 | ||||||
Kingboard Holdings Ltd. |
2,613,000 | 9,328,760 | ||||||
Kingboard Laminates Holdings Ltd. |
4,287,000 | 5,346,168 | ||||||
Lens Technology Co. Ltd., Class A |
1,388,842 | 2,543,507 | ||||||
Lingyi iTech Guangdong Co., Class A(a) |
2,343,813 | 1,930,330 | ||||||
Luxshare Precision Industry Co. Ltd., Class A |
1,823,041 | 7,834,997 | ||||||
Maxscend Microelectronics Co. Ltd., Class A |
133,852 | 2,254,009 | ||||||
Raytron Technology Co. Ltd., Class A |
70,314 | 467,795 | ||||||
Shengyi Technology Co. Ltd., Class A |
781,200 | 2,037,551 | ||||||
Shennan Circuits Co. Ltd., Class A |
104,424 | 1,198,145 | ||||||
Sunny Optical Technology Group Co. Ltd. |
2,865,500 | 32,585,969 | ||||||
Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A |
434,000 | 1,819,148 | ||||||
Tianma Microelectronics Co. Ltd., Class A |
1,041,636 | 1,432,897 | ||||||
Unisplendour Corp. Ltd., Class A |
731,527 | 2,669,421 | ||||||
Westone Information Industry Inc., Class A |
229,500 | 1,033,714 | ||||||
Wingtech Technology Co. Ltd., Class A |
347,200 | 2,689,465 | ||||||
Wuhan Guide Infrared Co. Ltd., Class A |
982,557 | 1,684,041 | ||||||
WUS Printed Circuit Kunshan Co. Ltd., Class A |
868,018 | 2,045,877 | ||||||
Xiamen Faratronic Co. Ltd. |
74,800 | 1,639,049 | ||||||
Zhejiang Dahua Technology Co. Ltd., Class A |
958,000 | 1,994,873 | ||||||
Zhejiang Supcon Technology Co. Ltd. |
82,616 | 1,164,442 | ||||||
|
|
|||||||
111,952,621 | ||||||||
Energy Equipment & Services — 0.1% | ||||||||
China Oilfield Services Ltd., Class H |
7,160,000 | 7,640,380 | ||||||
Offshore Oil Engineering Co. Ltd., Class A |
1,336,198 | 1,309,742 | ||||||
Yantai Jereh Oilfield Services Group Co. Ltd., Class A |
260,492 | 1,156,096 | ||||||
|
|
|||||||
10,106,218 | ||||||||
Entertainment — 2.4% | ||||||||
37 Interactive Entertainment Network Technology |
||||||||
Group Co. Ltd., Class A |
694,400 | 2,190,776 | ||||||
Beijing Enlight Media Co. Ltd., Class A |
902,100 | 985,273 | ||||||
Bilibili Inc.(a) |
735,365 | 14,233,194 | ||||||
China Ruyi Holdings Ltd.(a)(b) |
19,752,000 | 4,908,787 | ||||||
iQIYI Inc., ADR(a)(b) |
1,759,332 | 13,599,636 | ||||||
Kingsoft Corp. Ltd. |
3,821,400 | 12,616,798 | ||||||
Mango Excellent Media Co. Ltd., Class A |
520,880 | 2,508,808 | ||||||
NetEase Inc. |
7,994,660 | 124,240,587 | ||||||
Perfect World Co. Ltd., Class A |
628,000 | 1,284,446 | ||||||
Tencent Music Entertainment Group, ADR(a) |
2,887,186 | 21,769,382 |
S C H E D U L E O F I N V E S T M E N T S |
21 |
Schedule of Investments (unaudited) (continued) February 28, 2023 |
iShares® MSCI China ETF (Percentages shown are based on Net Assets) |
Security | Shares | Value | ||||||
Entertainment (continued) | ||||||||
Zhejiang Century Huatong Group Co. Ltd., Class A(a) |
2,430,498 | $ | 1,536,468 | |||||
|
|
|||||||
199,874,155 | ||||||||
Food & Staples Retailing — 0.0% | ||||||||
DaShenLin Pharmaceutical Group Co. Ltd., Class A |
288,889 | 1,605,469 | ||||||
Yifeng Pharmacy Chain Co. Ltd., Class A |
270,380 | 2,352,610 | ||||||
|
|
|||||||
3,958,079 | ||||||||
Food Products — 1.9% | ||||||||
Angel Yeast Co. Ltd., Class A |
260,411 | 1,515,260 | ||||||
Anjoy Foods Group Co. Ltd., Class A |
87,400 | 2,058,605 | ||||||
Beijing Dabeinong Technology Group Co. Ltd., Class A(a) |
1,388,800 | 1,645,442 | ||||||
China Feihe Ltd.(c) |
13,050,000 | 10,459,675 | ||||||
China Mengniu Dairy Co. Ltd. |
12,551,000 | 55,245,367 | ||||||
Chongqing Fuling Zhacai Group Co. Ltd., Class A |
260,423 | 958,556 | ||||||
Dali Foods Group Co. Ltd.(b)(c) |
9,384,500 | 3,795,734 | ||||||
Foshan Haitian Flavouring & Food Co. Ltd., Class A |
937,121 | 11,087,794 | ||||||
Guangdong Haid Group Co. Ltd., Class A |
468,097 | 4,275,914 | ||||||
Henan Shuanghui Investment & Development Co. Ltd., Class A |
875,708 | 3,334,033 | ||||||
Inner Mongolia Yili Industrial Group Co. Ltd., Class A |
1,475,623 | 6,470,242 | ||||||
Juewei Food Co. Ltd., Class A |
156,085 | 1,177,244 | ||||||
Muyuan Foods Co. Ltd., Class A |
1,357,868 | 9,665,493 | ||||||
New Hope Liuhe Co. Ltd., Class A(a) |
1,302,099 | 2,470,347 | ||||||
Tingyi Cayman Islands Holding Corp.(b) |
8,680,000 | 14,023,246 | ||||||
Uni-President China Holdings Ltd. |
5,970,000 | 5,234,374 | ||||||
Want Want China Holdings Ltd. |
19,097,000 | 12,014,140 | ||||||
Wens Foodstuffs Group Co. Ltd., Class A |
1,736,016 | 4,937,859 | ||||||
Yihai International Holding Ltd. |
1,933,000 | 5,627,414 | ||||||
Yihai Kerry Arawana Holdings Co. Ltd., Class A |
312,977 | 2,069,321 | ||||||
|
|
|||||||
158,066,060 | ||||||||
Gas Utilities — 1.2% | ||||||||
Beijing Enterprises Holdings Ltd. |
2,170,000 | 7,108,207 | ||||||
China Gas Holdings Ltd. |
11,645,600 | 16,284,805 | ||||||
China Resources Gas Group Ltd. |
3,744,800 | 15,801,837 | ||||||
ENN Energy Holdings Ltd. |
3,213,800 | 45,750,841 | ||||||
ENN Natural Gas Co. Ltd., Class A |
571,800 | 1,588,420 | ||||||
Kunlun Energy Co. Ltd. |
15,646,000 | 12,536,270 | ||||||
|
|
|||||||
99,070,380 | ||||||||
Health Care Equipment & Supplies — 0.6% | ||||||||
Autobio Diagnostics Co. Ltd., Class A |
141,900 | 1,434,344 | ||||||
Jafron Biomedical Co. Ltd., Class A |
260,420 | 1,213,525 | ||||||
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A |
366,300 | 1,660,794 | ||||||
Lepu Medical Technology Beijing Co. Ltd., Class A |
492,351 | 1,662,056 | ||||||
Microport Scientific Corp.(a)(b) |
2,665,300 | 7,561,556 | ||||||
Ovctek China Inc., Class A |
208,640 | 1,032,896 | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd., Class H |
10,255,600 | 16,554,233 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A |
293,395 | 13,236,723 | ||||||
Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A |
161,600 | 1,424,226 | ||||||
|
|
|||||||
45,780,353 | ||||||||
Health Care Providers & Services — 0.6% | ||||||||
Aier Eye Hospital Group Co. Ltd., Class A |
1,797,027 | 8,067,751 | ||||||
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A |
520,895 | 2,366,579 | ||||||
Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A |
120,994 | 1,467,704 | ||||||
Huadong Medicine Co. Ltd., Class A |
520,880 | 3,596,570 |
Security | Shares | Value | ||||||
Health Care Providers & Services (continued) | ||||||||
Hygeia Healthcare Holdings Co. Ltd.(a)(b)(c) |
1,388,800 | $ | 10,118,264 | |||||
Meinian Onehealth Healthcare Holdings Co. Ltd., Class A(a) |
1,215,225 | 1,147,610 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class A |
575,597 | 1,636,114 | ||||||
Shanghai Pharmaceuticals Holding Co. Ltd., Class H |
3,385,200 | 5,969,755 | ||||||
Sinopharm Group Co. Ltd., Class H |
5,212,400 | 13,960,433 | ||||||
Topchoice Medical Corp., Class A(a) |
86,800 | 1,824,305 | ||||||
|
|
|||||||
50,155,085 | ||||||||
Hotels, Restaurants & Leisure — 3.0% | ||||||||
H World Group Ltd., ADR |
795,106 | 37,664,171 | ||||||
Haidilao International Holding Ltd.(a)(b)(c) |
4,340,000 | 12,020,611 | ||||||
Jiumaojiu International Holdings Ltd.(b)(c) |
3,472,000 | 8,389,761 | ||||||
Shanghai Jinjiang International Hotels Co. Ltd., Class A |
173,600 | 1,549,674 | ||||||
Shenzhen Overseas Chinese Town Co. Ltd., Class A |
2,430,438 | 1,854,476 | ||||||
Songcheng Performance Development Co. Ltd., Class A |
868,077 | 1,958,532 | ||||||
Tongcheng Travel Holdings Ltd.(a) |
5,106,000 | 10,135,294 | ||||||
Trip.com Group Ltd., ADR(a)(b) |
2,219,584 | 78,906,211 | ||||||
Yum China Holdings Inc.(b) |
1,703,297 | 100,034,633 | ||||||
|
|
|||||||
252,513,363 | ||||||||
Household Durables — 0.6% | ||||||||
Ecovacs Robotics Co. Ltd., Class A |
174,000 | 2,264,391 | ||||||
Gree Electric Appliances Inc. of Zhuhai, Class A |
661,529 | 3,376,354 | ||||||
Haier Smart Home Co. Ltd., Class A |
1,649,246 | 6,246,374 | ||||||
Haier Smart Home Co. Ltd., Class H |
9,200,800 | 32,562,314 | ||||||
Jason Furniture Hangzhou Co. Ltd., Class A |
239,750 | 1,625,061 | ||||||
Oppein Home Group Inc., Class A |
173,620 | 3,537,491 | ||||||
TCL Technology Group Corp., Class A |
4,079,600 | 2,603,210 | ||||||
Zhejiang Supor Co. Ltd., Class A |
173,696 | 1,421,094 | ||||||
|
|
|||||||
53,636,289 | ||||||||
Household Products — 0.1% | ||||||||
Vinda International Holdings Ltd. |
1,736,000 | 4,781,534 | ||||||
|
|
|||||||
Independent Power and Renewable Electricity Producers — 1.2% | ||||||||